adminindigenisation and economic empowerment policy.
Under the agreement 5 000 workers will get 10 percent and executives will get an equivalent shareholding.
To this end, 24 million ordinary shares have been allocated under the Employees Share Ownership Trust.
Group executive chairman, Mr John Moxon said his company had always embraced the spirit and objectives of the indigenisation laws of Zimbabwe.
“We will ensure group compliance with the laws,” said Mr Moxon.
He added that there would be further indigenisation opportunities in the form of franchises after the recent approval for further investment by Pick n’ Pay of South Africa in TM supermarkets.
Speaking at the launch Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere commended Meikles for complying with empowerment laws.
“Meikles has sent the correct signals that Zimbabwe welcomes investors and we work together within the framework,” said the minister.
“The initiative has managed to invest confidence in investing in the county”.
He added that workers should work hard to improve on production and profitability of the company for their own good.
The minister said Meikles had begun including black Zimbabweans in management and they should continue to do so as part of the initiative.
Meanwhile, Meikles and Interfresh also unveiled a US$200 000 horticulture facility to capacitate youths in peri-urban Harare to supply the hotel chain with vegetables.
Interfresh will provide technical support for the venture and the Infrastructure Development Bank of Zimbabwe will administer the fund.
Mr Moxon also revealed that liquidated subsidiary, Cotton Printers, is set for revival after an agreement to assist former workers resuscitate the firm.
Cotton Printers had closed following viability constraints. Against this background, a total of 350 former workers of the Bulawayo-based firm will benefit from the revival of the company. Meikles decided to sell the spinning equipment for a nominal price of US$50 000 and lease to workers the building that houses the equipment. This is seen as part of Meikles’ broad-based approach to empowerment in line with the Government’s ongoing indigenisation and empowerment programme.
Government has been initiating employee share ownership schemes in all companies across the country in line with empowerment regulations.
Government has so far launched the Zimplats Community Share Ownership Schemes for Mhondoro-Chegutu and Zvimba communities.
The proceeds accruing to the Community Share Ownership Trust from its equity participation in the business shall be used for the provision of socio-economic infrastructure in line with the priorities of the community.
Minister Kasukuwere said more community share ownership trusts would be launched in the next few weeks.
He reiterated that the indigenisation programme was a Government project and not a party project.
Online Reporter